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Petrol Price in New Delhi (19th March 2024)

Today's petrol price in New Delhi stands at Rs. 94.72 per litre. No change recorded in petrol's price compared to yesterday. Over the past 10 days, fluctuations have been observed, with prices ranging between Rs. 96.72 and Rs. 94.72. You can also view today's petrol prices in other districts of Delhi and compare them with the rates from the previous day, which already include state taxes.

Mar 19, 2024
₹ 94.72 / Ltr( ₹ 0.00 )

Last 10 Days Petrol Rate in New Delhi

Date Price Price Change
Mar 18, 2024 ₹ 94.72 0.00
Mar 17, 2024 ₹ 94.72 0.00
Mar 16, 2024 ₹ 94.72 0.00
Mar 15, 2024 ₹ 94.72 -2.00
Mar 14, 2024 ₹ 96.72 0.00
Mar 13, 2024 ₹ 96.72 0.00
Mar 12, 2024 ₹ 96.72 0.00
Mar 11, 2024 ₹ 96.72 0.00
Mar 10, 2024 ₹ 96.72 0.00
Mar 9, 2024 ₹ 96.72 0.00

Daily & Monthly Petrol Price in New Delhi : Graphical Representation

Historical Petrol Price in New Delhi

  • Petrol Rate in New Delhi, March 2024
  • Petrol Price
    1st March ₹ 96.72
    19th March ₹ 94.72
    Highest rate in March ₹ 96.72 ( March 1st )
    Lowest Rate in March ₹ 94.72 ( March 15th )
    Over all performance Falling
    % Change 2.07%

    Petrol Price Trend in New Delhi for March 2024

    - Petrol prices in New Delhi commenced the month at Rs 96.72 per litre.

    - The lowest recorded rate was Rs 94.72, a -2.07% decrease relative to the month's initial price.

    - The latest data indicates that the current price of petrol is Rs 94.72 per litre.

    - Overall, March showcases a falling trend in New Delhi's petrol prices.

  • Petrol Rate in New Delhi, February 2024
  • Petrol Rate in New Delhi, January 2024
  • Petrol Rate in New Delhi, December 2023
  • Petrol Rate in New Delhi, November 2023
  • Petrol Rate in New Delhi, October 2023
  • Petrol Rate in New Delhi, September 2023

Petrol prices in Delhi are now changing every day, as against every 15 days before. We are providing daily petrol price rates, so you can check the same on goodreturns.in

The petrol price today in New Delhi is Rs 96.72 per litre. There is no change in the price of petrol in New Delhi since May 22, 2022. The rates of petrol have remained unchanged in New Delhi since last month, keeping the prices steady since 1st July. You can also check the petrol rate in other areas in Delhi today and the change in the pricing in comparison to the previous day. The petrol rates in Delhi are inclusive of central and state taxes.

The advantage of doing that is you know when to fill petrol and make maximum use of falling petrol prices. In any case, Delhi's petrol rates are much lower than some of the other cities in India. It also sets the trend for an increase or decrease in rates in various other cities of India. The rates would be largely determined by the largest oil marketing companies in India, that is Indian Oil, Bharat Petroleum and Hindustan Petroleum. You would do well to check the rates given the fact that if you fill same about 30 to 40 litres petrol you could tend to lose a lot. Now that petrol prices in Delhi have been deregulated like many other cities in the country.

Petrol Price in New Delhi

New Delhi being the national capital of India is the centre of all domestic affairs. The petrol price is a matter of everyone’s concern when you are living in Delhi. In October, the price of petrol in the city grew rapidly and touched the Rs 109 per litre mark from Rs 101.89 per litre on 1st October.

Petrol prices in New Delhi had witnessed the highest rate in November month, a day before the Diwali festival. On eve of the same day, the government of India reduced the excise duty on petrol by Rs 05 bringing the price down. As of November 26, the petrol price in the city is at Rs 104.01 per litre, the lowest in the month. It is stable, for the last 10 days, it didn’t see any kind of change.

If we look at the determining factors of petrol price we could see that several regions are responsible for fluctuation the price across the country and New Delhi. The crude oil price is one of the determining factors in determining the price of oil across the globe. When the price goes up in the global market the price in the markets like India goes up.

Excise and import duty by the government along with the state-imposed Value-Added Taxes (VAT) also plays an important role in the petrol price. As the price of petrol in the global market is fluctuating the global leaders are taking steps to keep it stable. In near future, it is expected that the price of petrol might go down.

How are petrol prices in Delhi determined?

Petrol rates in Delhi largely depend on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. There is also an Indian crude basket, which largely determines the prices of Petrol in Delhi. It is always advisable to check the petrol prices if you are planning to fill your automobile to the brim. A small change in rates can mean a lot when you have larger volumes of diesel or petrol to fill. Diesel prices in Delhi also more or less move similarly.

The increasing trend in the last few days

Lately, we have been seeing an increasing trend of petrol prices rallying in several cities.

In fact, in places like Delhi, they have now hit the Rs 82 per litre mark. This has happened as international prices of crude have gone higher and there is every possibility that there could be a further increase in prices.

The government has in the past cut the excise on petrol to make up for the huge gains seen in the prices of petrol. However, any such cuts in the excise tend to impact the government's fiscal deficit.

If the trend of an increase in Delhi prices of petrol today continues, we may soon realize that rates have now hit a three-year high and this is not good news for any government.

An urgent cut in the prices of fuel is needed to be implemented by the government at the earliest.

How petrol prices are influenced in Delhi?

Today's petrol prices in New Delhi are a result of a host of factors that influence rates. Among these include world prices of fuel. At the moment Brent Crude prices are trading below $40. When these prices go higher, the Indian crude basket goes higher, which in turn alters the daily price of petrol in Delhi. A similar thing can be seen as far as diesel is concerned. 

It is hence a good idea to check the prices of the fuel before leaving your home. For the last few days, there has been a declining trend at the retail level. Once petrol and diesel prices are bought under the ambit of the Goods and Services Tax, we may see these prices declining in the coming days. In the meantime, we would have to continue to pay the desired sum and wait for a fall in today's petrol rates in New Delhi.  

 How Petrol Prices in New Delhi Today are calculated?

Fuel rates in India depend on a host of things.

Petrol prices in Delhi today depend on the Indian crude basket, transportation costs, value-added taxes and excise duty levied by the government.

The fuel costs in the city are pretty high, though they are way lesser than what Mumbai charges. The city has one of the highest value-added taxes, which has pushed petrol prices higher.

In India, when excise by the government is hiked, petrol prices in Delhi tend to increase. At the moment, excise is slightly more than Rs 21. The local government also tends to tinker with the value-added tax, which tends to inflate the fuel rates.

The currency also plays a big role, in pushing the price of petrol and diesel either way. If rates tend to move in one direction heavily, the government can cut or hike rates accordingly.

 Overall, it is likely that we will see sharp cuts in the prices of fuel in the coming days. International prices have the biggest bearing and any drop in these tends to help rate cuts. The movement of the rupee against the dollar also tends to impact petrol and diesel prices accordingly.

So, for calculation of today's petrol price in Delhi one has to take into account, excise, value-added tax, India's crude basket and currency movement. 

Strategies for monitoring daily petrol prices in Delhi

The recent fuel updates can easily be tracked via an SMS service or a customer care service run by state-owned oil companies including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And you can even check online by visiting the websites of any of those oil companies. Based on the methods presented below, fuel consumers of Delhi can easily confirm the latest petrol or diesel of the capital city. 

SMS Service

Type: RSPDEALER CODE and send it to 9224992249

Customer Helpline

For Indian Oil- 9224992249

Bharat Petroleum-9223112222

Hindustan Petroleum-9222201122

Or else you can also track the same through your smartphone by downloading the Fuel@IOC, Smart Drive (BPCL), and My HPCL mobile apps. 

Current VAT on petrol in Delhi

In May 2020 VAT on petrol climbed from 27 per cent to 30%, while VAT on diesel was nearly doubled to 30% from 16.75 per cent by Delhi's government.

In the face of major declines in revenue during the coronavirus shutdown, many state governments have raised VAT on fuels currently beyond the range of GST. Although gas stations have been in the category of critical assets during this COVID year, sales have declined sharply due to the closure of factories, and offices and limits on vehicle travel. Sales of petrol dropped by 61 per cent and diesel fuel by 56.5 per cent in April, but as the market sees a phased opening and easing of shutdown conditions at almost all the locations, demand is expected to increase this month. While crude oil prices have dropped by more than 60%, state-run fuel marketers have not been able to slash Indian market rates due to inventory shortages and declining demand. 

Have these mobile applications to track the daily fuel price in Delhi

Petrol and diesel rates keep changing regularly and it is believed that finding the ideal fuel price is a challenge as the key problem in consumers' thoughts is how to get the correct fuel price in Delhi. After all, numerous oil and gas firms such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have led to different methods for fuel consumers such as SMS, Mobile Apps and Customer Care support to stay updated with the daily petrol and diesel rates of any city across India. Fuel consumers can download such mobile apps from the default app store of their mobile phones. And this will enable Indian fuel consumers to conveniently track the perfect oil and diesel rates. 

All major metro cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Chennai and including Delhi are following the Dynamic Fuel Pricing mechanisms since June 2017. The petrol rates vary across states, due to state taxes and other factors. Mobile applications, however, help fuel consumers to monitor fuel prices on the go and one can even access current fuel rates via SMS services or by visiting the website of a particular oil provider as described above.

Here are the smartphone applications that help you to keep updated from your comfort regularly with the latest fuel prices. 

Fuel@IOC – IndianOil

The mobile app Fuel@IOC-Indian Oil helps Indian oil fuel consumers to easily check the fuel prices of Delhi or any other city across India from the luxury of their home or workplace. This application is compatible with both IOS and Android devices for installation. IOS users can open the App Store and access the app and Android users can do the same by launching the Google Play Store. The mobile app of Indian Oil allows users to search for the latest fuel prices on the go. It is recommended to check the petrol price of Delhi or your locality before fuelling your vehicle and considering this the Fuel@IOC-Indian Oil app is your ideal partner to stay updated with the latest petrol price of Delhi anytime anywhere. So before heading to your workplace you can now check the latest fuel price in Delhi by using your mobile phone, which means the simplicity and user-friendliness is just in your palms. Use this app to grasp the ongoing fuel price trend in Delhi with ease. For both Apple and Android phones, which are the most successful operating systems, Fuel@IOC-IndianOil is free to download. In case you are not an IOS or Android user you can directly access Indian Oil's official website to track the latest petrol price in Delhi. You can easily track the existing price of petrol in Delhi or your region without abandoning your comfort by accessing the site or using Indian Oil's mobile app. 

My HPCL Mobile App

My HPCL mobile app from Hindustan Petroleum also introduces a better category to keep abreast with fuel prices for petrol pumps. The app is available on the Android, IOS and Windows platforms.

The My HPCL app contains sections like Outlets & Services, My Vehicle, Alerts, customer service line, Feedback, Help & Tips and also provides access to Insurance Renewal facility (with affiliate company), DT PLUS (HPCL Loyalty Scheme for fleet owners) and HPGAS (LPG) to offer to change fuel costs for the fuel users of Delhi. The concept of fluctuating fuel prices, commonly referred to as # MyFuelMyDayMyPrice, is dismissed by the majority as the cost of fuels such as diesel and petrol has been pushed into the area of fluctuations. While the entire move is believed to be user-centric, fuel prices are now calculated in terms of international market conditions and USD to INR price movements. Delhi's petrol consumers can conveniently search the city's new petrol prices from sitting at home. Consumers can reach the revised cost of petrol every morning with a few clicks before going to the office or filling their vehicle's tank. 

BPCL’s SmartDrive

BPCL's SmartDrive smartphone application enables customers to preserve records of fuel station transactions and also facilitates locating nearby fuel stations. SmartDrive is designed to capture customer and vehicle details so that it can provide you with regular updates on the PUC, insurance and operation of your vehicle, which is available on both Android and IOS platforms. SmartDrive also provides information about both Petrocard and SmartFleet loyalty transactions about the particulars of Delhi's fuel prices. Your ratings will allow the BPCL to best serve you and you can now cherish the enhanced facilities at the SmartDrive app by submitting your valuable ratings. To share your positive expressions or frustration at each of  BPCL’s fuel stations you can now make it easy by uploading photos of the filling stations. SmartDrive has a way to build a good relationship with consumers and sponsors, and they guarantee that they can walk with you till the end to be your best ideal need fuel requirement.

Admire the Bharat Petroleum drive today and install the SmartDrive app to stay tuned to Delhi's latest petrol price.  

Aspects of Petrol Price in Delhi

Petrol prices in Delhi are primarily influenced by the purchasing cost of crude oil, the exchange value, the profit of the dealer, the central excise duty, and the VAT of the state government. The retail sale price of petrol will be influenced proportionately by any rise or decline in crude oil prices. The federal excise tax is the same nationwide, but the state VAT rate varies by state. As stated in the previous section, because of the lower state VAT levied on petrol in Delhi, a litre of petrol price costs you less in Delhi. Another significant factor is the exchange rate of the USD against the INR. The purchasing cost of oil will rise if the INR declines against the USD; the purchasing cost of oil will decline if the INR increases against the USD. The rate of petrol in Delhi will be affected similarly based on any highs and lows in crude oil markets.  

How Frequently Petrol Rates In Delhi Are Updated?

Like every other Indian city, state-run oil companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum lead the petrol sector in New Delhi. Actively, all of these oil companies are updating diesel and petrol rates regularly, commonly pointed to as dynamic fuel pricing. The current pricing mechanism was adopted and enforced in mid-June 2017 by the Government of India. All filling stations in Delhi either automated or non-automated updates the price of fuel at 06:00 a.m every day. Be sure to make track of the revised rates that each bunk will reflect. Fuel prices are rising slightly in the city at present. Since you're a retail buyer, you may not be influenced much by regular price changes.

Also, a small decline or a hike will make a major impact on your billing figure if you are a buyer of petrol in higher quantities. In reality, across the country, the latest fuel pricing strategy is in action. The framework is intended to help all fuel consumers, whether they are from Delhi or other Indian cities. Within the framework, the pricing of petrol rate is transparent.  

Why petrol rates in Delhi is high?

In the previous era, the country's fuel prices were regulated and modified every fortnight. Dynamic pricing has been implemented current days, due to a multitude of changes in the political environment in the nation, and because of that, prices are changing every day. As we are all well informed, India's oil prices are something that both the central government and the state government impose their taxes on. This is essentially the explanation for the recent fluctuation in the price of petrol in various parts of the nation. There has been a rise in the state tax in the case of Delhi and this has subsequently affected the price of petrol in the city. The effect of the fluctuations in the global market is one of the other factors for the rapid increase in the price of petrol in Delhi. The effect of the global level, of course, is one of the other factors for the rapid increase in the price of petrol in Delhi. In Delhi, the rise in the global price of crude oil was destined to affect the rate. We can only assume that Delhi may take the burden of it all, with economists expecting these prices to increase in the coming months.  

Petrol rates in New Delhi today

Delhi, the capital city has witnessed several hikes in petrol prices in the past few days.

As of 23 November 2021, the petrol price in the city is reached Rs 103.97. If you are planning for a long drive, it would be good to check the rate of petrol in the city. It might save money in pocket.

The price of petrol is calculated based on the ups and downs of crude oil in the international market. Also, the rupee has witnessed a slit fall in the past, which played a role in the change in the price of petrol in Delhi. All these factors along with excise duty by the government on petrol drive the ups and downs in the petrol price in Delhi. As the petrol price touched a milestone in Delhi, it is hoped that government might reduce the excise duty in the coming days.

Various factors influence the petrol price in Delhi. When the crude oil price goes high, it impacts the price of petrol in the city as it is like with the international affairs of the oil industry.

The petrol price in Delhi and other parts of India is now witnessing ups and downs every day. The goodreturn. in is making sure you get the right information about the changes in petrol prices in Delhi. Keeping yourself updated could help you to save a few bucks. It is vital to understand various other factors that determine the price like big oil companies in the country.

What is Petroleum?

Petroleum is a naturally occurring substance, usually dark in colour. Petroleum occurs beneath the earth’s surface. Using petroleum, a wide range of products like diesel, petrol, lubricating oil and so on can be derived. Its compounds can be separated using the fractional distillation method. In 2006, the primary sources of energy consisted of petroleum at 36.8%; Coal at 26.6% and natural gas at 22.9%.

The process for the formation of petrol takes millions of years. Petrol as a product is formed owing to the presence of decomposed carcasses of dead animals, and human beings beneath the surface of the earth.

Demand of petrol in New Delhi rises despite pollution risks

Petrol, commonly known as gasoline, plays a crucial role in causing air pollution in Delhi. The vehicles running on petrol release not only carbon dioxide, a greenhouse gas, but also discharge other destructive pollutants like sulfur dioxide, nitrogen oxides, and particulate matter. As a result, these pollutants significantly deteriorate the air quality in Delhi, ultimately ranking it as one of the most contaminated cities globally.

The rising demand for petrol in Delhi has resulted in severe air pollution, with the city consistently ranking among the most polluted in the world. The high levels of air pollution pose significant health risks to the population, contributing to respiratory diseases and other health complications. Additionally, the increasing number of vehicles has led to congested roads and traffic, further adding to the pollution levels and negatively impacting the overall quality of life in the city.

Efforts have been made to address these issues, including the promotion of electric vehicles and the implementation of stricter emission standards. However, the transition to cleaner and sustainable alternatives remains a challenge. As Delhi strives for continued economic growth, finding a balance between economic development and environmental sustainability becomes crucial to protect both human health and the natural environment. It is imperative for the city to invest in efficient public transportation systems and adopt cleaner energy sources to reduce reliance on petrol and mitigate the harmful impacts of its consumption.

Latest Updates on Petrol Price in New Delhi

Petrol Prices Consistent in New Delhi

The petrol prices are consistent in New Delhi irrespective of the movement of crude prices in the international markets. The petrol rates in New Delhi were trading at Rs 96.72 per litre.

In the overseas markets, Brent was seen at $85.54 per barrel, down by 1.24% and West Texas Intermediate (WTI) at $79.15 per barrel, down by 1.24%.

Both the crude benchmarks declined over 1 per cent during Tuesday’s trade session after the U.S. announced its decision to release more crude from its strategic petroleum reserve. The move by the U.S. government is likely to lift some supply concerns which had hit the markets for a long time.

The ongoing tensions between Russia and Ukraine have forced many western nations to impose sanctions on the import of Moscow’s crude oil. The situation has tightened the crude supply in the oil markets, bolstering the prices to gain in the international markets.

Yesterday, the U.S. Department of Energy (DOE) announced that it would sell 26 million barrels of crude from its strategic petroleum reserve (SPR). The United States of America’s SPR is at its lowest level since 1983.

The DOE had even considered cancelling the sale after Joe Biden’s administration had sold a record 180 million barrels of crude from the reserve.

But the move from DOE will require Congress to act to change the mandate.

14 February 2023
Petrol Prices Calm in New Delhi

The petrol prices are calm in New Delhi despite the sliding of crude rates marginally in the international markets. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the global forum, Brent stood at $85.62 per barrel, down by 0.89% and West Texas Intermediate (WTI) at $78.89 per barrel, down by 1.04%.

The crude prices which were witnessing positive growth last week kickstarted the week with a marginal drop in the rates. The drop in fuel demand has added concerns to the existing issues, which the oil markets are currently facing.

The fuel prices declined around 1% during today’s trade session after rising during the previous session. Investors' focus will remain fixed on the outcome of the Fed’s decision after the U.S. inflation data are released.

The U.S. inflation data will act as a key for the Fed to decide on the future interest rate hike path.

Analysts note that the crude prices are softening as energy traders are expecting a potentially weak crude demand outlook as the pivotal inflation report could pressurize Fed to tighten policy aggressively.

Last week, Russia announced its plans to trim down crude production in retaliation against western curbs on its oil imports which were imposed in response to Moscow's invasion of Ukraine.

Russia is likely to cut output production by 500,000 barrels per day (bpd) in March, accounting for around 5% of the output.

13 February 2023
Petrol Prices Sluggish in New Delhi

The petrol prices are sluggish in New Delhi despite witnessing growth in the fuel prices in the global markets as Russia plans to cut down production. The petrol rates in New Delhi were recorded at Rs 96.72 per litre.

In the overseas forum, Brent stood at $86.39 per barrel, up by 2.24% and West Texas Intermediate (WTI) at $79.72 per barrel, up by 2.13%.

The oil prices are witnessing rampant growth over the last few days and for the week, the crude benchmark reported 8% growth. On Friday, crude prices gained 2% after Russia announced its plans to cut down production beginning from March 2023.

Russia’s Deputy Prime Minister – Alexander Novak announced that the country plans to reduce its crude output by 500,000 barrels per day (bpd), which accounts for around 5% of the output.

The continued tensions between Russia and Ukraine had led many western nations to impose a ban on the import of crude from Moscow. The move is to choke off Russia’s oil revenues for its actions against Ukraine.

Analysts note that the drop in Russia’s oil production by 700,000 – 900,000 barrels in 2023 is in line with market expectations. They further noted that the key for the crude to break out of the current trading range is an uptick in China’s crude demand in the coming months post-recovery from the pandemic crisis.

11 February 2023

Petrol Prices Stagnant in New Delhi

The petrol prices are stagnant in New Delhi despite edging up in the international markets as Russia plans to trim down production. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the global forum, Brent was seen at $86.30 per barrel, up by 2.17 per cent and West Texas Intermediate (WTI) at $79.69 per barrel, up by 2.09 per cent.

Russia’s ongoing war with Ukraine has forced many western countries to impose a ban on the import of fuel from Moscow. The situation has tightened the crude supply in the oil markets, weighing on the prices to shoot up.

The G7 economies, Australia and the European Union have together agreed to impose a ban on the use of the Western-supplied maritime insurance, brokering and finance for seaborne Russian oil which is priced over $60 per barrel. The move came into effect on December 5 as a part of the Western sanctions over Moscow.

Apart from this, the European Union has also banned the purchase of Russian oil products and set a price cap from February 5, 2023.

Moscow is set to cut down its fuel production from March in the wake of the EU’s sanction on its fuel imports.

Analysts from UBS note that the decision to cut down oil production is not a completely voluntary one, as market factors may have forced Russia to conclude with this decision.

10 February 2023
Petrol Prices Consistent in New Delhi

The petrol prices have been consistent in New Delhi for a long time despite a marginal drop in crude prices in the international markets. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the global forum, Brent was seen at $82.51 per barrel, down by 0.40% and West Texas Intermediate (WTI) at $76.23 per barrel, down by 0.24%.

On Thursday, the fuel prices slipped slightly as looming sanctions on Moscow’s oil products have added uncertainty over the fuel supply and a build in the U.S. fuel stocks has suggested sluggish demand despite signs of improved global economy’s revival.

The U.S. government data showed a large build in the crude stock leading to the plunge in both benchmarks by over 3 per cent.

The European Union’s ban on Russia’s refined products will come into effect from February 5, 2023, and this will potentially deal a blow to the global crude supply.

The European Union nations will be seeking a deal tomorrow on a European Commission proposal to set a price cap on Moscow’s crude products after postponing a decision yesterday due to the divisions amongst the member states.

The European Commission proposed last week that the EU can apply a price cap of $100 per barrel on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

 

2 February 2023
Petrol Prices Substantial in New Delhi

The petrol prices are substantial in New Delhi despite witnessing a drop in the global fuel prices on Tuesday’s trade session. The petrol rates in New Delhi were trading at Rs 96.72 per litre.

In the global forum, the crude benchmark – Brent was seen at $84.92 per barrel and West Texas Intermediate (WTI) at $77.54 per barrel, down by 0.46%.

Since the outbreak of the pandemic crisis, the oil markets are witnessing a slowdown in fuel demand. To increase the fuel prices the oil producers' club announced a cut in the production output targets.

The market has now turned its focus towards the outcome of the planned virtual meeting of the members of the oil producers club. The Organization of the Petroleum Exporting Countries (OPEC) and its member partners including Russia are all set to meet tomorrow to decide on the future of the output policies.

Sources close to the OPEC have revealed that the oil producers are likely to keep the current output levels unchanged when it meets as the fears of economic slowdown grow.

The Fed is likely to ease the interest rate hike to 25 basis points from its earlier tally of a 50 basis point hike announced in December 2022.

Meanwhile, the International Monetary Fund (IMF) has raised the global growth outlook for 2023 slightly owing to the surprisingly resilient demand in the United States of America and Europe, added to the easing energy costs amidst the reopening of China’s economy.

31 January 2023
Petrol Prices Unchanged in New Delhi

The petrol prices are unchanged in New Delhi despite witnessing a fall in the international markets on a stronger supply outlook. The petrol rates in New Delhi traded at Rs 96.72 per litre.

In the international markets, Brent was seen at $86.66 per barrel, down by 0.93% and West Texas Intermediate (WTI) at $79.68 per barrel, down by 1.64%.

The crude prices slipped down in the international markets to finish flat to lower. The indications of a strong Russian crude supply have offset better-than-expected U.S. economic growth data, and hopes of a surge in the recovery in Chinese demand.

The oil loadings from Russia’s Baltic ports are all set to increase by 50 per cent this month from December 2022’s tally as sellers try to meet the strong demand in Asia and benefit from rising prices of global energy.

The U.S. energy firms for this week have kept the oil and natural gas rigs firm at 771, energy services firm – Baker Hughes Co noted this in its closely followed report.

Meanwhile, the members of the Organization of the Petroleum Exporting Countries (OPEC+) delegates will be meeting next week to review crude production levels. The sources from the oil producers group are expecting no change in the current output policy.

29 January 2023

Petrol Prices in New Delhi Stationary at Rs 96.72 per litre

The petrol prices in New Delhi have been stationary for a long time despite witnessing fluctuation in the international markets. The petrol rates in New Delhi stood at Rs 96.72 per litre.

In the global scenario, the crude benchmark - Brent was seen at $85.92 per barrel, down by 0.24% and West Texas Intermediate (WTI) at $79.81 per barrel, down by $0.40%.

The demand recovery for fuel in China and expectations that major producers will maintain the current output policy offset amidst global recession worries may help the crude rates in the international markets to inch higher in the coming days.

An analyst from the Bank of America Securities notes that the reopening of the Chinese economy after witnessing a surge in the pandemic cases could unleash a large wave of pent-up demand for crude over the next 18 months.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, scheduled to meet next week, noted that the hopes for higher crude demand from China are balanced with the growing worries of inflation and the slowdown in the global economy.

During October 2022, the oil-producing members agreed to trim down the output by 2 million barrels per day, starting from November through 2023, owing to the weak economic outlook.

Yet the gains in the crude prices were capped by a bigger-than-expected build in the U.S. crude inventories, reported after the market settled on Tuesday.

25 January 2023
Petrol Prices in New Delhi Stays Firm

The petrol prices in New Delhi stood firm despite seeing mixed results in the international markets. The petrol rates in New Delhi were recorded at Rs 96.72 per litre.

In the overseas forum, the crude benchmark – Brent was trading at $87.98 per barrel, down by 0.24% and West Texas Intermediate (WTI) at $81.53 per barrel, down by 0.11%.

The crude prices witnessed a marginal drop in the international markets as the focus now shifts towards the release of the U.S. key economic data determining the health of the major economy.

Meanwhile, the reopening of China’s economy has kickstarted hopes of fuel demand recovery from top fuel importers. An analyst from Goldman Sachs notes that commodities like refined petroleum products, crude oil, LNG and soybeans are all set to benefit from China’s growing demand.

The U.S. dollar hovered at a nearly nine-month low to the Euro, as traders are analyzing the risks of a U.S. recession and the path of the future course of action by the U.S. Federal Reserve. The Fed had hiked interest rates by 75 basis points four consecutive times in 2022 and eased its aggressive stance after announcing a 50 basis point rate hike in December 2022.

A Reuters poll report showed that on the inventory side, the U.S. stocks for crude oil and gasoline were expected to grow last week, while distillate stocks have shrunk.

24 January 2023
Petrol Prices are Consistent in New Delhi

The petrol prices are consistent in New Delhi despite inching up slightly in the international markets following the drawdown in the U.S. crude stockpiles. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the global forum, the crude benchmark – Brent was trading at $82.37 per barrel, up by 0.21% and West Texas Intermediate (WTI) at $78.56 per barrel, up by 0.34%.

The fuel prices gained over $2 per barrel during yesterday’s trade session after data revealed a larger-than-expected draw in the U.S. crude stockpiles. The U.S. Energy Information Administration (EIA) announced that the U.S. crude inventories declined by 5.89 million barrels against the estimated fall of 1.66 million barrels.

The higher-than-expected drop in the U.S. crude inventories has bolstered the oil prices to march up in the international markets. A market source revealed that data from the American Petroleum Institute on Tuesday showed a draw of 3.1 million barrels during the week of December 16, 2022.

An analyst from Price Futures Group notes that the report is very bullish, the fact that there is a draw from the crude oil equation and distillate inventories have stopped their streak of builds ahead of the cold blast.

As per the EIA data, the distillate inventories slipped by 242,000 barrels as against the analyst estimate of a build of 336,000 barrels.

Investors are looking forward to getting clarity about the Keystone Pipeline, a major fuel pipeline providing Canadian crude to America.

22 December 2022

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